VICTORIA – Jane Shin, New Democrat spokesperson for multiculturalism and immigration, introduced legislation on Wednesday that would eliminate fee gouging when sending money overseas.
“A great number of hard-working British Columbians send money internationally to support their loved ones,” said Shin. “Remittances are widely used by Canadians to help out friends or family members in their home country, or who are studying or travelling abroad, and to support charities and disaster relief efforts.”
Shin’s proposed legislation, if passed, would cap fees on international remittances in B.C. at five per cent, the rate recommended by the World Bank.
Workers in Canada send roughly $24 billion in international remittances each year, and face an average fee of 15 per cent. In some cases the fees can be even higher.
“We can improve the lives of people here in B.C. and around the world simply by bringing our rules into line with recommended international standards,” Shin said.